(MENAFN- Arab Times) National Bank of Abu Dhabi, or NBAD, sold A$300 million ($308 million) of five-year Kangaroo bonds, the first Australian dollar-denominated notes by a Middle Eastern-based firm since before the global financial crisis.
The five per cent notes maturing in March 2018 were priced to yield 175 basis points more than the benchmark swap rate, according to a person familiar with the matter, who asked not to be identified because the terms are private. The sale would be the company's first Kangaroo bond, according to data compiled by Bloomberg.
Thursday's sale was jointly managed by Australia & New Zealand Banking Group, Bank of America and the borrower, the person said.
"The launch of this landmark transaction reflects NBAD's clear commitment to engage with new investors in new markets and geographies which will help to support the bank's growth aspirations over the coming years," NBAD group treasurer Stephen Jordan said in a statement.
Turkey, Asia on radar
Meanwhile, NBAD aims to expand its bond arranging business outside of its traditional Middle Eastern base, with Asia and Turkey target markets, a senior banker said on Thursday.
The lender hopes to complete a total of four or five deals by the end of the first half of the year, Fawaz Abu Sneineh, head of debt capital markets at NBAD, told Reuters on the sidelines of a financial conference.
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